5 Top Tips for Home Movers
The upheavals in the economy right now are bound to make every homeowner nervous if they have a mortgage to pay, but what if you also want to throw a house move into the mix during this turbulent time in the market?
Here are five tips that will help buying your next home that bit easier.
Consider the implications of moving right now
With fluctuations in the housing market going on, it’s worth weighing up whether you will be better off selling up and moving now. For example, did you buy your current home while house prices were at their peak, therefore if you sell now you’d be out of pocket?
Are you locked in to a fixed rate mortgage that would incur an Early Redemption Fee (ERC), or will the hike in current rates become unaffordable in your monthly mortgage repayments if you switch?
Do your sums
Think about your position now compared to when you bought your current home. Perhaps you have paid enough of your mortgage off to have a lower loan-to-value (LTV), which means better interest rates might be unlocked to you?
Maybe your income is higher so you’re able to borrow more? Or your house might have significantly increased in value, which could provide significant benefits for your next move. This will give you confidence in your next moves.
Speak to a broker
Even if you’re in a stronger position for this next house move, brokers can still bring you great savings and valuable guidance about where to go from here. They have access to exclusive and, potentially, more attractive deals that are best suited to you, which will have long-term benefits.
Establish what you can borrow
You should now be able to ascertain exactly what you can borrow, which means you can begin to manoeuvre yourself into position for your future move. What kind of property you’d like and can afford, as well as where you’d want it to be, will now become clearer so you can move forward with your quest.
What mortgage options will suit you best, now and in the future?
Look in detail at what kind of borrowing will serve you best for your new home. Will it be a fixed or variable rate mortgage? Should you leave your current lender or do they have attractive deals for existing customers that will make you stay? If not, which lenders are offering something better? Again, this is where your broker can help.
If you’re unsure of what moving house right now might mean, get in touch for more guidance.